CHICAGO-The owner of the Chicago Board of Trade will close the grain trading floor of the 156-year-old Kansas City Board of Trade in June.
CME Group, the owner of the Chicago Board of Trade, acquired the Kansas City wheat exchange last year. CME announced the closure of the trading floor in Kansas City on Monday, according to the Chicago Tribune.
The last day of open-outcry trading on the KCBT floor will be June 28.
“You hate to see great old institution pass on to oblivion, and that is what has happened to Kansas City,” Dennis Gartman, a well-known investor and former KCBT board member, told the newspaper.
An electronic trading center will be in operation on the former Kansas City trading floor until the end of September. CME owns a majority of the Kansas City Board of Trade building, whose features a giant wheat stalk on its façade. A spokesman for CME said the firm has not decided as yet whether the Kansas City property will be sold. See story in the Chicago Tribune.